Corporate report

Friday

Feb 27, 2009 at 12:01 AM

Burger King Holdings Inc. -- The Miami-based burger chain is enjoying lower commodity costs this year but still expects the strong dollar to hurt its earnings, the company said as it affirmed its 2009 profit and sales outlook. The nation's No. 2 hamburger chain still expects to earn between $1.44 and $1.49 per share for the year. That matches the guidance the company gave after it reported its fiscal second-quarter results earlier this month. Analysts expect profit of $1.44 for the year. The company's shares were selling for $20.72 at the end of regular trading Thursday, up 23 cents.

JPMorgan Chase & Co. -- The bank said it will eliminate about 12,000 jobs as it folds in the operations of Washington Mutual Inc. According to slides on the company's Web site from an investor day presentation, the New York-based bank expects about $2 billion in net savings to be achieved through the acquisition, the majority of which will be realized by the end of this year. This includes about $1.35 billion related to the job cuts. Shares were $23.05, up $1.32.

Nasdaq OMX Group Inc. -- The stock exchange operator's fourth-quarter profit plunged to $36.8 million, or 17 cents per share, from $79 million, or 52 cents per share, during the same quarter a year earlier. Shares were $21.86, up 90 cents.

Huntsman Corp. -- The chemicals maker's fourth-quarter profit soared due in part to a settlement with Hexion Specialty Chemicals, but adjusted results widely missed Wall Street's expectations. The company posted net income of $598 million, or $2.53 per share, compared with $2 million, or a penny per share, in the year-ago quarter. Last fall, Huntsman let Hexion walk away from a planned $6.51 billion buyout for a $1 billion payment. Hexion had been trying to scuttle the deal for months. The payout consisted of $325 million from Hexion, $425 million from Hexion's parent company, Apollo Management, and Apollo's purchase of convertible senior notes worth $250 million. Shares were $2.33, up 8 cents.

Dynegy Inc. -- The power producer reported a fourth-quarter loss of $7 million, or a penny per share, compared with a loss of $46 million, or 6 cents a share, in the year ago quarter. Revenue rose nearly 10 percent to $795 million from $724 million. Analysts expected a loss of 2 cents a share. Shares were $1.51, up 21 cents.

IBM Corp. -- The company is standing by its surprisingly strong 2009 guidance, backing a $9.20-per-share profit forecast on momentum in emerging markets and services and software so far this year. IBM's annual forecast, unveiled last month, stunned investors, coming in 45 cents per share ahead of analysts' projections and at a time when other technology companies like Hewlett-Packard Co. and Intel Corp. are cutting their forecasts. Shares were $88.97, up $3.07.

Sears Holdings Corp. -- The struggling retailer said its fourth-quarter profit dropped to $190 million, or $1.55 per share, from $426 million, or $3.17 per share, last year. Shares were $35.54, down 29 cents.

Safeway Inc. -- The supermarket operator's fourth-quarter profit rose to $338 million, or 79 cents per share, from $301.1 million, or 68 cents per share, a year earlier. Revenue grew 3 percent to $13.82 billion from $13.36 billion. Shares were $18.37, down $2.75.

Cablevision Systems Corp. -- The media company posted a fourth-quarter loss of $321.4 million, or $1.11 per share, compared with a profit of $6.6 million, or 2 cents per share, in the fourth quarter of 2007. The latest quarter included an impairment charge of $402.4 million related to Newsday, which the company bought for $650 million last summer, and a $41 million charge related to discontinuing Voom HD Networks Cablevision's revenue climbed 11 percent to $2.05 billion from $1.84 billion. Shares were $13.31, down 6 cents.

Limited Brands Inc. -- The retailer's fourth-quarter profit fell to $16.1 million, or 5 cents per share, from $388.6 million, or 68 cents per share, a year ago. Shares were $7.74, down $1.18.

Chesapeake Energy Corp. -- The natural gas producer said it will eliminate a majority of the 225 jobs at its West Virginia regional office, shifting a substantial number of positions back to its home state of Oklahoma. About 40 people are expected to remain in Charleston. Shares were $15.44, down 60 cents.

Gap Inc. -- The retailer says its fourth-quarter profit dropped to $243 million, or 34 cents per share, from $265 million, or 35 cents per share in the year-ago period. Sales fell to $4.08 billion from the year-ago's $4.67 billion. Shares were $11.35, down 25 cents.

Dell Inc. -- The company's profit dove to $351 million, or 18 cents per share. Without certain charges, Dell would have earned 29 cents per share in the quarter that ended Jan. 30. Analysts were looking for 26 cents per share. Sales dropped 16 percent to $13.4 billion, missing expectations. Shares were $8.21, down 15 cents.

Southern Union Co. -- The natural gas company's fourth-quarter profit more than doubled to $120.9 million, or 97 cents per share, from $49.4 million, or 41 cents per share, last year. Analysts predicted a profit of 44 cents per share. Shares were $13.19, up 82 cents.

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